The manufacturing Purchasing Managers’ Index (PMI) for Nigeria, which takes the temperature of the sector declined from 51.0 to 49.2 in May, its lowest since January last year, according to a report conducted by FBNQuest Capital
According to FBNQuest Capital, the general theme from respondents was uncertainty over demand, due in part to Ramadan, which started in mid-May.
“Most respondents reported no change across the sub-indices: the proportion was beyond 70% for four of the sub-indices,” it said.
“In May, as the previous month, respondents were uncertain about consumption patterns. While inflationary pressures have eased, anecdotal evidence indicates that household demand remains subdued as consumers have adopted a cautious spending stance.
“However, on a supply-side basis, imported inputs and finished goods remain accessible as the CBN’s fx reforms have resulted in improved fx availability.”
